Real Estate Emergencies. Who’ve You Got On Your “Fix It” List?
Property management can be challenging, especially when everything goes wrong at once, and landlords and tenants complain in stereo. Whenever you think you've reached the calm, something else pops up.
There are many moving parts to address; getting it wrong can cost considerable time and money. Luckily, there are plenty of ways to make your job run smoothly, and it's all about managing the workflow. The best plan is to pre-manage.
A Pre-Management Guide
The first step to property management is having a list of tried-and-true suppliers. Whatever the job, you should have a trusted supplier or contractor to call on to remedy the situation. You should also have several dedicated routine maintenance providers to keep buildings and properties up to date.
One of the biggest benefits of tried-and-true suppliers is always knowing who to call when, but the second is that there are no surprises when bills come in. Working with the same suppliers allows you to negotiate a rate that works for everyone, whether it's scheduled real estate plumbing or you have an electrical emergency.
When you negotiate the price, discuss what services the contractor can provide you with. That way, you don't waste time calling around to various suppliers to find the right person. Compile all your suppliers into a file and create bullet points below each number to highlight their services. This list is invaluable when someone is standing in for you.
As a property manager, you aren't just responsible for making tenants happy. You must consider your landlords as well. Ultimately, you protect their investment, so they want to know what you are doing to deliver. Part of that includes providing high-quality services at the lowest cost possible, even if you need an emergency plumber in the middle of the night. When repairs are ignored, or issues pile up, tenants can withhold rent payments, which will give you more work and upset your landlords.
Additionally, having tried and tested suppliers who carry out regular maintenance can prevent major issues that can spread and add up.
Planning Removes Complexity
Property management is a complex and demanding job that requires careful planning and attention to detail. With so many moving parts to manage, it's essential to pre-manage to ensure everything runs smoothly.
By taking proactive steps to address potential issues before they arise, you can save yourself considerable time and money in the long run. And with the right team of service partners and trade professionals you can rely on, you can provide great service to both landlords and tenants.
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